Technical Analysis for ADAUSD for 31st October 2022
Cardano Remains Bullish, ADA May Retest September Highs at $0.52
Past Performance of ADA
Cardano fell over 80 percent from 2021 peaks, bottoming up in October. At spot rates, the coin is up 24 percent in less than two weeks, per the formation in the daily chart. Presently, ADA buyers have the upper hand and remain in a bullish breakout formation, trending above the middle BB. Even though bulls might be in control, ideally, there should be a strong upswing above $0.52 and $0.60.
Cardano Technical Analysis
ADA buyers are in control in the short term. After worrying falls despite positive fundamental developments on Vasil, prices are stable and bullish when writing. Notably, ADA bulls have continued to sustain prices above the middle BB and $0.37. The 20-day moving average was a resistance line. However, the breakout on October 25 swung price action to favor buyers in the short term. For every retracement, traders should find opportunities to add to their longs, targeting $0.52 and September highs. Any drop below $0.37 with high trading volumes rewinding losses of October 25 will cancel this bullish preview.
What to Expect from ADA
The Cardano uptrend could continue in the short term. Buyers have rejected attempts for lower lows and are resilient above the middle BB and October 25. If prices exceed $0.37, ADA could tear higher to retest critical resistance levels in Q3 2022.
Resistance level to watch: $0.52
Support level to watch: $0.37
Disclaimer: Opinions expressed are not investment advice. Do your research.
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